After Weeks of Rollbacks, Oil Prices Increase Anew

Oil prices in the country have once again increased effective Tuesday following weeks of succeeding rollbacks.

Oil Companies Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell in separate advisories announced that they would increase their gasoline prices by PHP0.45 per liter, while their diesel prices are set to increase by PHP1.70 per liter.

Moreover, Caltex, Seaoil, and Shell also announced that their kerosene price also increased by PHP0.40 per liter.

Global oil prices have increased following the shutting of Libya’s largest oil field, along with the growing possibility of a European Union-wide ban on Russian oil imports, according to S&P Global, as Europe continues to combat the Russian invasion of Ukraine through sanctions and distancing away from Russian oil.

The year-to-date net increase in gasoline prices currently stand at PHP14.25 per liter, while the net increase on diesel stands at PHP24.55 per liter, and kerosene at a net increase of PHP20.20 per liter. (GFB)